116 Secretary may limit or exclude operating costs of corporate society

(1)

The Secretary may, by notice in the Gazette,—

(a)

set limits on, or exclude, the operating costs that may be incurred by a corporate society that conducts class 4 gambling:

(b)

set the rates of depreciation for gambling assets acquired by a corporate society in respect of class 4 gambling.

(2)

A notice under subsection (1) may apply to specified licence holders or to classes of licence holder.

(3)

A limit may be expressed in any way that the Secretary considers appropriate, for example,—

(a)

as a specific amount:

(b)

as a percentage:

(c)

as an amount for each gaming machine.

(4)

A contract or other arrangement or obligation entered into by a corporate society, whether before or after the enactment of this Act, that does not comply with limits set under subsection (1) is an illegal contract for the purposes of subpart 5 of Part 2 of the Contract and Commercial Law Act 2017.

(5)

A notice given under subsection (1) is a disallowable instrument, but not a legislative instrument, for the purposes of the Legislation Act 2012 and must be presented to the House of Representatives under section 41 of that Act.

(6)

In this section, operating costs

(a)

includes the following:

(i)

costs of operating the corporate society, including fees, salary, expenses, or any other payments to a key person, to a management services provider, or to another person involved in operating the corporate society:

(ii)

costs associated with repairing and maintaining gambling equipment; but

(b)

does not include any payment made to a venue operator.

Section 116: replaced, on 3 October 2016, by section 25 of the Gambling Amendment Act (No 2) 2015 (2015 No 90).

Section 116(4): amended, on 1 September 2017, by section 347 of the Contract and Commercial Law Act 2017 (2017 No 5).